Claim: “Vice President Pence, your administration has been predicting a rapid and robust recovery, but the latest economic reports suggest that is not happening,” moderator Susan Page said during the vice presidential debate Wednesday.
In fact, the economic recovery has been far more robust and rapid than was predicted. The Federal Reserve said in minutes released Wednesday of its September meeting that business investment, job creation, declining unemployment, manufacturing, and the housing market had all recovered faster than expected.
In a note to clients, the investment bank Goldman Sachs said that “the damage has so far been much less severe than initially feared.. Scarring effects on the business sector remain surprisingly limited.. In addition, labor demand has rebounded much more quickly than last cycle, reducing the risk of widespread long-term unemployment.”